Business Segments (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of Financial Data for Business Segments

The following tables represent the financial data for Valley’s four business segments for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30, 2021
	Consumer Lending			Commercial Lending			Investment Management			Corporate and Other Adjustments		Total
	($ in thousands)
Average interest earning assets	$	7,150,137		$	25,485,161		$	5,272,116		$	—	$	37,907,414
Interest income	$	59,419		$	255,895		$	19,239		$	(905)	$	333,648
Interest expense	5,192			18,467			3,867			5,215		32,741
Net interest income (loss)	54,227			237,428			15,372			(6,120)		300,907
Provision (credit) for credit losses	711			8,066			(30)			—		8,747
Net interest income (loss) after provision for credit losses	53,516			229,362			15,402			(6,120)		292,160
Non-interest income	21,915			9,819			2,475			8,917		43,126
Non-interest expense	19,792			27,241			(258)			125,118		171,893
Internal transfer expense (income)	19,862			71,207			14,632			(105,701)		—
Income (loss) before income taxes	$	35,777		$	140,733		$	3,503		$	(16,620)	$	163,393
Return on average interest earning assets (pre-tax)	2.00		%	2.21		%	0.27		%	N/A		1.72		%

	Three Months Ended June 30, 2020
	Consumer Lending			Commercial Lending			Investment Management			Corporate and Other Adjustments		Total
	($ in thousands)
Average interest earning assets	$	7,214,368		$	24,826,832		$	5,737,187		$	—	$	37,778,387
Interest income	$	66,807		$	255,152		$	27,623		$	(1,057)	$	348,525
Interest expense	11,469			40,640			9,728			4,129		65,966
Net interest income (loss)	55,338			214,512			17,895			(5,186)		282,559
Provision for credit losses	3,106			38,009			41			—		41,156
Net interest income (loss) after provision for credit losses	52,232			176,503			17,854			(5,186)		241,403
Non-interest income	17,175			16,172			5,823			5,660		44,830
Non-interest expense	20,440			23,250			642			112,834		157,166
Internal transfer expense (income)	19,406			66,858			15,505			(101,769)		—
Income (loss) before income taxes	$	29,561		$	102,567		$	7,530		$	(10,591)	$	129,067
Return on average interest earning assets (pre-tax)	1.64		%	1.65		%	0.52		%	N/A		1.37		%

	Six Months Ended June 30, 2021
	Consumer Lending			Commercial Lending			Investment Management			Corporate and Other Adjustments		Total
	($ in thousands)
Average interest earning assets	$	7,099,973		$	25,509,061		$	5,039,222		$	—	$	37,648,256
Interest income	$	120,264		$	508,231		$	38,748		$	(1,797)	$	665,446
Interest expense	11,607			41,702			8,238			10,325		71,872
Net interest income (loss)	108,657			466,529			30,510			(12,122)		593,574
(Credit) provision for credit losses	(1,924)			19,715			(388)			—		17,403
Net interest income (loss) after provision for credit losses	110,581			446,814			30,898			(12,122)		576,171
Non-interest income	35,600			17,533			4,806			16,420		74,359
Non-interest expense	39,641			52,772			1,520			238,173		332,106
Internal transfer expense (income)	39,364			141,790			27,881			(209,035)		—
Income (loss) before income taxes	$	67,176		$	269,785		$	6,303		$	(24,840)	$	318,424
Return on average interest earning assets (pre-tax)	1.89		%	2.12		%	0.25		%	N/A		1.69		%

	Six Months Ended June 30, 2020
	Consumer Lending			Commercial Lending			Investment Management			Corporate and Other Adjustments		Total
	($ in thousands)
Average interest earning assets	$	7,215,756		$	23,804,558		$	5,205,918		$	—	$	36,226,232
Interest income	$	135,062		$	520,027		$	59,392		$	(2,163)	$	712,318
Interest expense	31,169			102,826			22,488			7,937		164,420
Net interest income (loss)	103,893			417,201			36,904			(10,100)		547,898
Provision for credit losses	9,891			65,148			800			—		75,839
Net interest income (loss) after provision for credit losses	94,002			352,053			36,104			(10,100)		472,059
Non-interest income	31,852			31,771			8,965			13,639		86,227
Non-interest expense	40,311			47,408			1,029			224,074		312,822
Internal transfer expense (income)	39,741			131,054			28,680			(199,475)		—
Income (loss) before income taxes	$	45,802		$	205,362		$	15,360		$	(21,060)	$	245,464
Return on average interest earning assets (pre-tax)	1.27		%	1.73		%	0.59		%	N/A		1.36		%